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Economic Integration and Political Disintegration

Alesina, Alberto; Spolaore, Enrico; Wacziarg, Romain - National Bureau of Economic Research (NBER) - 1997

Trade liberalization and political separatism go hand in hand. In a world of trade restrictions, large countries enjoy … economic benefits because political boundaries determine the size of the market. In a world of free trade and global markets … jurisdictions that trade peacefully and are economically integrated with others. This paper provides a formal model of the …

Persistent link: https://www.econbiz.de/10005248678

Is Poland the Next Spain?

Caselli, Francesco; Tenreyro, Silvana - National Bureau of Economic Research (NBER) - 2005

We revisit Western Europe's record with labor-productivity convergence, and tentatively extrapolate its implications for the future path of Eastern Europe. The poorer Western European countries caught up with the richer ones through both higher rates of physical capital accumulation and greater...

Persistent link: https://www.econbiz.de/10005084557

International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence

Aizenman, Joshua; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2005

This paper tests the importance of precautionary and mercantilist motives in accounting for the hoarding of international reserves by developing countries, and provides a model that quantifies the welfare gains from optimal management of international reserves. While the variables associated...

Persistent link: https://www.econbiz.de/10005084988

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding

Aizenman, Joshua; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2006

The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...

Persistent link: https://www.econbiz.de/10005085040

Financial Globalization, Growth and Volatility in Developing Countries

Prasad, Eswar; Rogoff, Kenneth S; Wei, Shang-Jin; Kose, … - National Bureau of Economic Research (NBER) - 2004

This paper provides a comprehensive assessment of empirical evidence about the impact of financial globalization on growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal relationship between financial integration and economic growth....

Persistent link: https://www.econbiz.de/10005085262

Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007

Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries, 99 countries, 1991-2007, extending Rajan-Zingales (1998). We utilize external finance dependence measures in a series of cross-sectional regressions of manufacturing...

Persistent link: https://www.econbiz.de/10009226941

Capital flows: Catalyst or Hindrance to economic takeoffs?

Aizenman, Joshua; Sushko, Vladyslav - National Bureau of Economic Research (NBER) - 2011

commodity terms of trade. Average level of FDI inflows is associated with a 23 percent higher takeoff probability relative to a … standard deviation improvement in commodity terms of trade is associated with 28 percent higher takeoff probability. …

Persistent link: https://www.econbiz.de/10009228892

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters

Aizenman, Joshua; Sun, Yi - National Bureau of Economic Research (NBER) - 2008

This paper evaluates the sustainability of large current account imbalances in the era when the Chinese GDP growth rate and current account/GDP exceed 10%. We investigate the size distribution and the durability of current account deficits during 1966-2005, and report the results of a simulation...

Persistent link: https://www.econbiz.de/10005710827

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality

Aizenman, Joshua; Lee, Jaewoo - National Bureau of Economic Research (NBER) - 2008

This paper examines the degree to which the learning by doing externality [LBD] calls for an undervalued exchange rate, a policy suggested by recent empirical studies which concluded that mildly undervalued real exchange rate may enhance growth. We obtain mixed results. For an economy where LBD...

Persistent link: https://www.econbiz.de/10005830547

Economic Growth with Constraints on Tax Revenues and Public Debt: Implications for Fiscal Policy and Cross-Country Differences

Aizenman, Joshua; Kletzer, Kenneth; Pinto, Brian - National Bureau of Economic Research (NBER) - 2007

This paper evaluates optimal public investment and fiscal policy for countries characterized by limited tax and debt capacities. We study a non stochastic CRS endogenous growth model where public expenditure is an input in the production process, in countries where distortions and limited...

Persistent link: https://www.econbiz.de/10005774856

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